The nation’s cumulative debt decreased from $12.7 trillion in 2008 to $11.2 trillion by the beginning of this year. As consumer debt has been the topic of many a household conversations since 2008, you can imagine the relief many Americans felt when they learned we were heading in the right direction. This relief propelled a wave of confidence that resulted in increased borrowing by $19.6 billion from April until May of this year. However, spending didn’t stop in June – as the year has progressed, we are seeing more and more people using their credit cards to buy both large and small items – anything really, to rebuild their damaged credit.

While this is great news in a sense, if consumers become careless, it could be extremely detrimental to our economy. If consumers fall back into the habit of borrowing more than they can reasonably afford, or open new lines of credit without first reducing their current debt, we are at risk of falling back into the same downward spiral we literally just climbed out of. Consumers must be weary, and make sure that they continue to reduce their debt responsibly, without using even more borrowed money to do so.

Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.